Instead of taking this away from everyone, limit supply. And let me be clear, if you own your property free and clear (no mortgage) this still effects you because this proposal will affect the housing market overall. Buyers lose incentive along with current home owners and prices will drop, plain and simple. I would think a more logical way to approach this is to limit supply, specifically: new building. Sure the big builders won’t like it, but it has been high time for them to find a new gig anyway. In turn, local governments should put a moratorium on new developments. I mean, really, do we need more track homes? Just look at Boulder. There is a housing cap meaning that the supply is limited. It is no accident that the City of Boulder has consistently held it’s housing values. And, in some price points, continued to appreciate in this National “Housing Crisis.” To hit this home even more, compare Boulder to Longmont (also in Boulder County). Longmont has allowed building virtually on all sides of its city borders. At the same time Longmont’s inventory is higher with decreasing sales prices over the past few years when compared to Boulder.*
What can you do? Contact your local representative to tell them that this is not okay:
*Based on IRES, LLC data"
Colorado Landmark, Realtors